Buildings for Sale:
There were 302 contracts signed in New York City compared to 284 in the same month last year. The luxury market, defined as deals over $4 million, performed particularly well last month, buoyed by six contracts over $20 million at 111 West 57th Street. There were 53 deals signed over $4 million last month.- The Mark Hotel has an offer through an adviser, proposed a $1 billion takeover of the property at 25 East 77th Street but the owner may not sell. The five-star hotel includes roughly 150 rooms, the most expensive of which goes for $45,000 per night.
- RFR loses 285 Madison to a Korean lender. Office tower owned by Aby Rosen’s RFR went to mezzanine lender in UCC foreclosure. Daol Asset Management lent $200 million in mezzanine debt on the Midtown tower, took the asset at auction.
- Tishman Speyer in talks to buy a 150,000-square-foot building at 148 Lafayette Street for around $120 million.
- The Charles Scribner’s Sons Building, located at 597 Fifth Ave, is being auctioned alongside the neighboring 3 E. 48th St. after its owner, Thor Equities, defaulted on a $105 million mortgage. In December 2024, a judge ruled that the lender could foreclose on the properties, leading to the auction. Has 67,000 square feet of retail space across 12 stories.
- Brookfield is looking to sell 200 Lafayette Street for $40 million currently leased to Eataly, Moncler. The two-story retail condo at 200 Lafayette Street. The 30,000-square-foot condo is leased to Eataly on the ground and basement floors, and Moncler leases a bit more than 11,000 square feet of office space on the second floor.
- 80 East 88th Street is asking roughly $13 million. The duplex condo spans 3,800 square feet and has four bedrooms and four bathrooms. Also features views of Central Park, an eat-in kitchen and great room with 28-foot ceilings.
Buildings Sold:
Mixed-use and new development fared Sales topped $432 million, boosted by the $102 million for the Pintchik portfolio to the Ostad family. Development deals of $173 million were completed in 45 transactions.- Ralph Lauren acquired the retail condo at 109 Prince Street for $132 million.
- A $127.5 million sale of a Williamsburg rental building that UDR sold to Urban Pacific Investors for a slight loss. But values remained strong overall.
- Adellco sold a bulk buyer for all 20 condos at its Flatiron conversion project. The buyer, a private family office, agreed to buy the units and the commercial space at the 114 East 25th Street property for $71 million, on par with the $73 million sellout noted in the building's offering plan.
- David Werner is in contract to buy 5 Hanover Square from CIM Group. The contract price is somewhere between $50 million and $60 million. The 25-story, roughly 340,000-square-foot building is about 50% vacant and would most likely be a partial conversion.
- David Werner sold the upper floors of 300 E. 42nd Street for just over $50 million. Werner flipped the property after acquiring the building from Fortress Investment Group. The new buyers are CSC Real Estate, led by Sal and Alberto Smeke, plan to convert the 18-story office and retail building into a 135-unit rental apartment property using the 467-m tax abatement.
- City Urban Realty bought a vacant, single-story retail building at 61-63 N. Sixth Street in Williamsburg for more than $33 million. Rehan Perveez is the longtime owner, as well as an entity called 59 North 6th Street. The property has 14,000 SF available.
- Eric Schlagman paid $32.2 million for five commercial condos and one residential condo at 50 Hudson Street. The four-story building has seven condo units in total.
- Cedar Park Capital acquired a Brooklyn multifamily portfolio for $27.4 million from seller, Black Spruce. A total of 71 apartments, nine contiguous four-story walk-up buildings, plus 13 commercial spaces and one antenna. The price per SF works out to $439. The properties include 3 and 5 Sutton Street, 164 and 166 Kingsland Avenue, and 657, 661, 667, 669 and 673 Meeker Avenue.
- A contract was signed for 16 East 64th Street with an asking price of $25 million. The historic town house. The 20-foot-wide property, built in 1878, spans 8,700 square feet and six stories.
- Unit 409 at 1 Central Park South, known as the Plaza Hotel, with an asking price just under $19 million. The 4,000-square-foot condo has four bedrooms and three bathrooms.
- Related Fund Management sold four Prospect Heights properties for $16 million, almost half off what it paid in 2016.
